MIRA
INFORM REPORT
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Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
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Name : |
TAOKA CHEMICAL INDIA
PRIVATE LIMITED |
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Formerly
Known As : |
ANABOND
TAOKA INDIA PRIVATE LIMITED |
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Registered Office : |
Type II, 36 Dr. V.
Swaminathan Industrial Estate, Thiruvanmiyur, Chennai – 600041, Tamilnadu. |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.07.2002 |
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Com. Reg. No.: |
49256 |
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CIN No.: [Company
Identification No.] |
U24295TN2002PTC049256 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA07737C |
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PAN No.: [Permanent
Account No.] |
AADCA7181N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, exporters and importers of
cyanoacrylate, speciality chemicals, adhesives, sealants,. related chemical
materials and other formulations. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon maturity |
Limited with full security |
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Maximum Credit Limit : |
USD
120 |
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Status : |
New Company |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture company of
Taoka Chemicals Company Limited of As subject has not stated large-scale production and marketing, its business and financial information is not available. Since the subject is a part of the reputed group company. It can be considered normal for business dealings at usual trade terms and conditions, with slight caution, initially. |
LOCATIONS
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Registered Office : |
Plot
No. B-30 & 31, Phase II, |
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E-Mail : |
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Head
Office : |
Type II, 36 Dr. V.
Swaminathan Industrial Estate, Thiruvanmiyur, Chennai – 600041, |
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Tel.
No.: |
91-44-22621818 / 24483649 |
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Fax
No.: |
91-44-22621919 / 24928005 |
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E-Mail
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Website: |
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Administrative
Office : |
38, |
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Factory : |
Plot No. B302 and B31, Phase-II, MEPZ-SEZ, Chennai, Tamilnadu |
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Tel.
No.: |
91-44-22621717/22621818 |
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Fax
No.: |
91-44-22621717/22621818 |
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E-Mail
: |
DIRECTORS
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Name : |
Mr. J. Vijayakumar |
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Designation : |
Chairman cum Managing Director |
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Address : |
41/2D,
2nd Floor, Athreya Apartments, Second |
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Date of Birth/Age : |
07.09.1951 |
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Name : |
Mr. Mitsuru Onayama |
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Designation : |
Director |
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Address : |
M/s.
Taoka Chemical Co. Limited., |
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Date of Birth/Age : |
10.07.1942 |
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Name : |
Mr. Masaaki Hama |
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Designation : |
Director |
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Address : |
M/s.
Taoka Chemical Co. Limited, |
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Date of Birth/Age : |
22.11.1948 |
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Name : |
Mr. J. V. Sreedhar |
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Designation : |
Director |
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Address : |
5G Deccan Lakshmi Flats, 16th Cross Street, Indira Nagar, Adyar, Chennai –600020, Tamilnadu |
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Date of Birth/Age : |
12.04.1962 |
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Name : |
Mr. Kenji Katashiba |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
14.05.1947 |
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Name : |
E. Srinivasan |
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Designation : |
Alternate Director |
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Address : |
23/9,
Amirthavanam Flats, |
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Date of Birth/Age : |
17.03.1961 |
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Date of Appointment : |
31.07.2006 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
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Anabond Limited |
7,50,000 |
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Taoka Chemicals Company Limited |
22,50,000 |
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Total |
30,00,000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, exporters and importers of
cyanoacrylate, speciality chemicals, adhesives, sealants,. related chemical
materials and other formulations. |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
About
100 |
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Bankers : |
The Bank of Tokyo
Mitsubishi UFJ Limited, Venkataramana Centre, 6th floor,563/2,
Annasalai, Teynampet, Chennai – 600 018, Tamil Nadu. Indian Bank |
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Banking Relations : |
Satisfactory |
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Auditors : |
R. Srivatsan and Company Chartered Accountant Old No. 23, New 2, First Cross Street, Sastri Nagar, Chennai – 600020, Tamilnadu |
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Tel No.: |
91-44-24466781/ 24911292/ 24468589 |
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Fax: |
91-44-24466781 |
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E-Mail: |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
30,00,000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
30,00,000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.000 |
30.000 |
30.000 |
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NETWORTH |
30.000 |
30.000 |
30.000 |
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LOAN FUNDS |
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1] Secured Loans |
28.684 |
44.864 |
54.677 |
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2] Unsecured Loans |
0.026 |
0.052 |
0.000 |
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TOTAL BORROWING |
28.710 |
44.916 |
54.677 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
58.710 |
74.916 |
84.677 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
42.868 |
49.028 |
60.802 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
9.627
|
9.995 |
19.122 |
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Sundry Debtors |
5.588
|
4.245 |
0.496 |
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Cash & Bank Balances |
1.610
|
3.159 |
4.634 |
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Indian Bank, MEPZ |
0.000
|
0.018 |
0.000 |
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Loans & Advances |
0.591
|
0.692 |
0.448 |
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Pre Operative expenses |
|
13.798 |
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Total Current Assets |
17.416
|
24.700 |
31.907 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
13.278
|
7.951 |
16.818 |
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Provisions |
11.041
|
0.081 |
0.106 |
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Total Current Liabilities |
24.319
|
16.924 |
8.032 |
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Net Current Assets |
(6.903)
|
7.776 |
23.875 |
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MISCELLANEOUS EXPENSES |
22.745 |
18.112 |
0.000 |
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TOTAL |
58.710 |
74.917 |
84.677 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
88.227 |
75.005 |
20.173 |
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Earnings
in Foreign Currency : |
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Export Earnings |
77.477 |
NA |
NA |
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Total
Earnings |
77.477 |
NA |
NA |
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Imports
: |
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Total
Imports |
40.751 |
4.314 |
NA |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
11.501 |
10.584 |
NA |
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Administrative Expenses |
1.922 |
1.978 |
NA |
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Raw Material Consumed |
56.244 |
48.200 |
NA |
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Personnel Expenses |
2.283 |
2.062 |
NA |
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Selling and Distribution |
0.066 |
0.019 |
NA |
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Provision for the cost for the disposal Residue |
10.760 |
0.000 |
NA |
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Provision for FBT |
0.014 |
0.000 |
NA |
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Managerial Remuneration |
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Payment to Auditors |
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Interest and Finance |
3.363 |
3.866 |
NA |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
6.706 |
12.610 |
NA |
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Other Expenditure |
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Total
Expenditure |
92.859 |
79.319 |
11.959 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.76 |
2.06 |
2.090 |
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Current Ratio (Current Asset/Current Liability) |
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0.71 |
1.45 |
3.972 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of
charges
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Corporation identity number or foreign company registrations number of the company |
U24295TN2002PTC049256 |
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Name of the company |
TAOKA INDIA PRIVATE LIMITED |
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Address |
Plot No. B-30 & 31, Phase II, |
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This Form is for |
Modification of charge |
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Type of Charges |
Book debts, Movable property (not being pledge) |
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Particular of the charge holder |
The Bank of Tokyo
Mitsubishi UFJ Limited, Venkataramana Centre, 6th floor,563/2,
Annasalai, Teynampet, Chennai – 600 018, Tamil Nadu. |
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Nature or description of the instrument creating charge |
Facilities Rearrangement Agreement |
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Date of the instrument creating charge |
23.10.2006 |
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Amount Secure by the charge |
Rs. 50.000 Millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
a) Rate of interest: 1. Overdraft / Short term loan (fully interchangeable): Overdraft – at bank’s PLR (present PLR is 13.35% per annum) Short term loan – at market driven rates 2. Leteer of credit – as per Bank’s norms Note: Bank shall be entitled to change he rate(s) of interest from time to time in accordance with the directives / guidelines of RBI and/ or practice of Bankers. b) Terms of repayment: Overdraft – on demand Short term loan – In terms of letter to be issued by the Bank in the form provided in the annexure to working capital agreement Letter of credit – On demand c) Margin: On inventories /receivables / movable plant and machinery – NIL d) Extent and operation of the charge: Sole charge basis |
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Particulars of the Property charged |
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Particulars of the present modification |
The existing limits comprising Overdraft / short term loan (fully interchangeable) for Rs. 30.000 Millions and letter of credit for Rs. 20.000 Millions aggregating to Rs. 50.000 Millions stands rearranged as fallows: (I) Overdraft / Short term loan (fully interchangeable) : (reduced from Rs. 30.000 Millions) (II) Letter of credit: Rs 25.000 Millions (increased from Rs. 20.000 Millions) (III) Letter of guarantee: Nil (no charge) |
Business
Anabond Cyanoacrylate Adhesives are single component solvent free, rapid setting, colourless adhesives. Very high bond strength within a few seconds is their outstanding property. Bonds similar and dissimilar materials. Ideally suitable for bonding small components and host of materials like plastic, metal, rubber ceramics, etc.
The company also offers an easy to use ‘O’ Ring Kit. This helps making of ‘O’ Rings of any shape and size within a minute. The kit comprises of Anabond Cyanoacrylate adhesives, stock of neoprene chords of different diameters, cutting knives. This eases inventory required on molded ‘O’ Rings.
The company is joint venture with Taoka Chemicals
Company Limited,
Anobond was established in the year 1979, for the development and manufacture of Engineering Adhesives and Sealants. Anabond is the first Indian company to manufacture Anaerobic Adhesives and Sealants, RTV Silicone Sealants and Single component epoxies.
Today, Anobond in products include Anaerobics, Epoxies, RTV Silicones, Polyurethane’s, Rubber Based (Chloro and Butyl), Acrylic Solvent Based Adhesive, Cyanoacrylate, and Speciality Coatins etc with more than 300 products.
These products are used as a raw materials for the manufacturing industry or for the service of different processing industries. Its adhesives find diverse sectrum of applications in products right from Disposable Syringes to space vehicles.
Anobond still remains to be the largest
manufacturer and supplier of liquid gaskets for Indian automobile engine and
transmission in
Taoka Chemical and Anobond set up an
adhesives joint venture, Anabond Taoka (
This is
a collaboration with M/s. Taoka Chemical Company Limited,
A word
about Anabond
Anabond
was established in the year 1979, for the development and manufacture of
Engineering Adhesive and sealants. Anabond is the first Indian company to
manufacturer Anaerobic Adhesives and sealants, RTV Silicone Sealants and Single
component expoxies.
Today
Anabond in products include Anaerobics, Expoxies, RTV Silicones, Polyurethanes,
Rubber Based (Chloro & Butyl), Acrylic, Solvent Based Adhesive,
Cyanoacrylate, Specialty Coatings etc with more than 300 products.
These
products are used as a raw material for the manufacturing industry or for the
services of different processing industries. Our adhesives find diverse
spectrum of applications in products right from Disposable Syringes to space
vehicles.
Anabond still
remains to be the largest manufacturer and supplier of liquid gaskets for
Indian automobile engine & transmission in
Subject
exports adhesives chemicals.
Ababond
product’s specialty
Anabond’s
Anaerobic Adhesives & sealants are single part acrylic ester based 100%
reactive system, which cures in the absence of air and in presence of metal.
Excellent vibration, heat, oil and chemical resistance characterize the cured
adhesive. They are high performance compounds possessing very high adhesive strength
Anabond’s
high performace anaerobic formulation provide the viscosity necessary to
deliver 100% surface-to-surface contact. While mechanical joining techniques
provide only 20% to 30 % surface-to surface contact.
Joint Ventures / Collaborations
A joint venture with US based company M/s. Essex Speciality
Products Inc., (Dow Automotive),
The company have collaborated with M/s. Taoka Chemical Company
Limited,
DRDO-Ministry of Defense
100% funded for manufacturing and supplying of products for their Missile programme.
Anabond Limited has entered in to a
Joint Venture with M/s. Stedman Pharmaceuticals Private Limited in the name of M/s. Anabond
Stedman Pharma Research Private Limited
for manufacturing and marketing Dental composites in Domestic and International
Markets.
These Dental Composites are used by Dentists for restorative and bonding
applications in Dentistry. The Technology Know-how has developed by Sree Chitra Tirunal Institute for Medical Sciences and
Technology, Thiruvananthapuram.
Anabond Limited has started a new company
viz., M/s. Anadocs
IT Solutions Private Limited, a one stop IT solution provider, specialize in Multimedia Solutions,
ERP Solutions, Internet Software Solutions, Web Design and Development,
E-Commerce Solutions and Custom Programming. Anadocs offers migration to
creative, open, advanced, flexible, secure, reliable & highly adopted
platform.
Anabond is also in the
process of obtaining manufacturing licenses from world leaders in the field of
specialty adhesives and sealants. The key focus is on the requirements of the
Indian automotive and electronic sectors.
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts,
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.40.73 |
|
|
1 |
Rs.80.43 |
|
Euro |
1 |
Rs.54.44 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
19 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and principal
sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|